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Stocks rally after FBI lifts cloud over Clinton

Monday, November 07, 2016 - 01:47

Stocks and the dollar post their biggest gains in weeks after the FBI says it stands by its earlier recommendation that no criminal charges are warranted against Democrat Hillary Clinton. Sonia Legg reports.

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Relief at last for markets. Stocks and the dollar posted their biggest gains in weeks after the FBI said no criminal charges were warranted against Hillary Clinton. The news lifted a cloud over the Democrat's presidential campaign two days before the U.S. election. And put Wall Street firmly on track to snap a nine-day losing streak - its longest in more than 35 years. But the bounce back in Asia and Europe was modest. (SOUNDBITE) (English) INDEPENDENT MARKET ANALYST, JEREMY BATSTONE-CARR, SAYING: "That must imply that some investors still believe that there is residual risk that Donald Trump could still win the U.S. election based on the view held by many Trump supporters that Congress is: a) aloof and b) potentially corrupt. So I don't think we are completely out of the woods yet despite the FBI decision," The biggest winner was the Mexican peso - which rose 2 percent. It acts as a bellwether of sentiment as Trump's proposed polices are considered deeply negative for the country. In contrast, gold, which rose every day last week, saw a 1.3 percent drop - its biggest fall in over a month. It all meant investors could shift sentiment back to U.S. economic fundamentals. (SOUNDBITE) (English) INDEPENDENT MARKET ANALYST, JEREMY BATSTONE-CARR, SAYING: "It appears that whether Donald Trump or Hillary Clinton wins the election, the Federal Reserve seems to be on course to raise U.S. interest rates again in December. Now that's an important decision of course and the markets are as mindful of that as anything." They also remember being caught out before. The shock of June's unexpected Brexit vote is still fresh in many minds.

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